DoubleU Games Launches All-Cash Tender Offer for DoubleDown Interactive

DoubleU Games commenced an all-cash tender offer to acquire all outstanding American Depositary Shares of DoubleDown Interactive for US$16.25 per ADS, according to a corporate announcement released on November 10, 2026.

The transaction is subject to minimum ownership and majority-of-the-minority conditions.

What are the terms of the tender offer?

The offer provides US$16.25 per ADS in cash, net to the seller without interest and less applicable withholding taxes, pursuant to the Tender Offer and Post-Offer Cooperation Agreement dated November 9, 2026. Each American Depositary Share represents one-twentieth of one common share of DoubleDown. DoubleU Games and its affiliates already own approximately 67.05 percent of DoubleDown’s outstanding common shares.

$DDI (+17.0% pre) DoubleU Games and DoubleDown Interactive Enter into Agreement for an All-Cash Tender Offer at US$16.25 per ADShttps://t.co/H4jdiOfspH

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The price and associated terms were negotiated by a special committee of the DoubleDown board of directors composed solely of independent and disinterested directors, with the advice of independent legal and financial advisors.

Roth Capital Partners, LLC is acting as dealer manager, Georgeson LLC is acting as information agent, and Citibank, N.A. is acting as tender agent for the offer. Investors can obtain tender offer materials free of charge from Georgeson LLC by calling toll free at [phone] or [phone] from outside the United States and Canada, or by emailing [e-mail].

DoubleDown Interactive $DDI agreed to an all-cash tender offer from controlling shareholder DoubleU Games at US$16.25 per ADS. If the deal closes, DoubleDown would be delisted and stop reporting to the SEC. Full story here: https://t.co/tSN7ooXLJF

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The new agreement replaces a prior proposal put forward by DoubleU Games.

Which conditions govern the transaction?

The offer requires meeting a “Minimum Tender Condition” that would result in DoubleU Games owning at least 95 percent of DoubleDown’s outstanding common shares immediately after payment for validly tendered shares. If DoubleU Games determines that this threshold is not reasonably expected to be met, that threshold may be reduced to no less than 90 percent with the prior written consent of DoubleDown following a recommendation by the Special Committee.

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In addition, the transaction requires a non-waivable “majority-of-the-minority” condition stipulating that more than 50 percent of the ADSs held by “Unaffiliated Holders” must be validly tendered and not withdrawn. The DoubleDown board unanimously recommended that unaffiliated holders accept the offer after receiving a fairness opinion from Kroll, LLC, operating through its Duff & Phelps Opinions Practice.

What happens after the tender offer?

If the offer is completed, DoubleU Games has agreed to acquire remaining common shares through a second-step transaction under the Korean Commercial Act at the same price per ADS.

$DDI DoubleU Games Agrees To Acquire Remaining DoubleDown Shares Through $16.25-Per-ADS Cash Tender Offer

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Meanwhile, investor rights law firm Halper Sadeh LLC announced an investigation into whether DoubleDown and its board of directors violated federal securities laws or breached fiduciary duties by failing to obtain the best possible price for shareholders. The firm encourages shareholders to contact Daniel Sadeh or Zachary Halper free of charge at [phone], or via email at [e-mail] or [e-mail].